As concerns over the coronavirus (also referred to as COVID-19) continue to dominate news headlines, cause volatility in the marketplace, and test investor confidence in securities markets, one thing remains unchanged - Leigh Baldwin & Co. and its commitment to assist clients through turbulent times. Along with the securities markets, we remain open and available to clients, ready to assist with any needs, questions, or concerns as they arise.
U.S. stocks opened lower on Tuesday after the euro dropped to a four-year low as investors worried about issues including a slowdown in Chinese manufacturing. The Dow Jones Industrial Average dropped 69 points to 10,067. The S&P 500 Index dropped 8 points to 1,081. The Nasdaq Composite declined 12 points to 2,244. The sell off was not as bad as expected and the averages actually rallied shortly after the open. A number of techs look good including the chips on better than expected semiconductor sales worldwide. Apple keeps pushing higher. Google is higher on news they are scrapping Windows operating system. HP is lower after announcing 9000 job cuts to expand enterprise spending. The financials are holding in there. Bank of America and Goldman Sachs are modestly higher thanks to positive comments from FBR regarding the financial regulatory bill being shaped in Congress. Visa is higher on an upgrade. In the retail space, Radio Shack is higher on take over rumors. American Eagle is lower on a downgrade while Finish Line is higher on an upgrade. The dog of the day goes to BP which is dropping 11% after their latest attempt to stop the oil spill failed. Frontier Oil is higher on an upgrade. CSX is up on an upgrade. After the first hour the averages recovered all their losses and moved into the green. A good way to start the week. Through the morning and into the afternoon the Dow improved, rising 70 points. The financials are still quiet. The Nasdaq inched up even though a number of techs look really good. By the middle of the afternoon the averages had given up all the gains. In the last hour the selling accelerated. BP is down 7% on news the U.S. has opened an investigation into criminal charges against the oil giant. Into the close, the averages pushed lower. The Dow Jones Industrial Average finished down 112 points at 10,024. The S&P 500 index fell 18 points, or 1.7%, to 10,024. The Nasdaq Composite dropped 34 points, or 1.5%, to 2,222.
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